Former billionaire, who had been asked for £50m, is aiming to restructure Topshop ownerSir Philip Green has agreed to pump an additional £25m into Arcadia Group’s pension fund, in a deal with regulators that could pave the way for a rescue restructure of his fashion retail empire. Arcadia Group has handed security over additional property assets to the fund in response to a demand from the Pensions Regulator that the former billionaire inject another £50m to fill the group’s pension black hole. The regulator, Arcadia’s pension fund trustees and the pension protection fund, which acts as a lifeboat for collapsed companies savings schemes, said the package was sufficient to have secured their backing. While trade creditors are understood to have backed the deal, Arcadia’s complex plan, which involves seven CVAs of property holding companies, hands much more power to landlords. Arcadia is to close 11 Topshop stores in the US and has closed two of its three remaining Australian Topshop stores in the past month, according to local reports.

Source: The Guardian June 04, 2019 11:23 UTC